Hyperbaric Oxygen Therapy (HBOT) Devices Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)

Hyperbaric Oxygen Therapy (HBOT) Devices Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)

The hyperbaric oxygen therapy (HBOT) devices market is expected to register a CAGR of 8.1% over the forecast period.

The outbreak of the COVID-19 pandemic has pushed the healthcare industry into action, with a race to develop both therapeutic and preventive devices. The disruption in the supply chain during COVID-19 and the delay in the delivery of essential products required for the manufacturing of hyperbaric oxygen therapy (HBOT) devices have had an adverse effect on the hyperbaric oxygen therapy (HBOT) devices market initially. Some major issues faced by the market during a pandemic include trucking bottlenecks and port checkpoints slowing down the deliveries, including critical supplies; export bans imposed in many countries; only a few manufacturing units being functional; and a lack of healthcare workers to transport and manufacture products. Therefore, such factors hindered the market's growth initially. However, the increasing use of HBOT devices for treating COVID-19 patients propelled the market's growth in its latter phase. For instance, as per the study titled, "The effects of hyperbaric oxygen therapy (HBOT) on coronavirus disease-2019 (COVID-19)" published by the National Library of Medicine in August 2021, around 15.0% to 20.0% of hospitalized coronavirus patients with hypoxemic respiratory failure were accompanied by a need for supplemental oxygen. In such cases, hyperbaric oxygen therapy (HBOT) has been proposed as an alternative therapeutic approach to address hypoxia related to COVID-19. HBOT is recognized as an effective treatment to replace any form of oxygen deficiency. HBOT is a non-invasive treatment and serves as primary or adjunctive therapy for a variety of medical conditions. Furthermore, a recent study done by Israel’s Sagol Center for Hyperbaric Medicine and Research at Shamir Medical Center and Tel Aviv University, published in July 2022, revealed that a clinical study involving 73 patients with long-term COVID-19 showed positive results of hyperbaric oxygen therapy (HBOT). Therefore, such instances indicate that the demand for HBOT devices is expected to increase for treating COVID-19 patients, thereby, considerable market growth is anticipated in the upcoming years.

The rising burden of acute and chronic wounds, the widening application of HBOT devices in cosmetic procedures and wound healing, and technological advancements are the major driving factors for the market. The increasing number of cases of acute wounds is one of the key drivers for the hyperbaric oxygen therapy (HBOT) market. For instance, according to the report published by the American Burn Association in February 2021, around 400,000 people are treated for burns each year in the United States. HBOT aids wound healing by delivering oxygen-rich plasma to oxygen-starved tissue. Hyperbaric oxygen therapy reduces swelling by providing oxygen to the tissues and helps to break the cycle of swelling, oxygen deprivation, and tissue death. Therefore, increasing cases of acute wounds are anticipated to propel the demand for hyperbaric oxygen therapy devices, thereby surging the market growth over the forecast period.

However, the high cost of hyperbaric oxygen therapy and a widening gap between off-label uses and FDA-approved uses are likely to restrain the market's growth over the forecast period.

Key Market TrendsMonoplace HBOT Devices Segment is Expected to Witness Growth Over the Forecast Period

Monoplace Hyperbaric oxygen therapy consists of breathing pure oxygen in a pressurized environment. Monoplace chambers are usually pressurized with medical oxygen, which is used in hyperbaric therapy. Hyperbaric oxygen therapy is a well-established treatment for decompression sickness. It also treats other conditions that include serious infections, air bubbles in blood vessels, and wounds that may not heal due to diabetes or radiation damage.

The increasing cases of chronic and acute wounds across the globe are one of the major factors driving the segment's growth over the forecast period. For instance, according to the study titled, "The current burden of diabetic foot disease" published by the National Library of Medicine in February 2021, diabetes causes severe and diffuse disease below the knee. The lifetime risk of developing a diabetic foot ulcer is between 19.0% and 34.0%. Similarly, according to the study titled, "Prevalence and incidence of venous leg ulcers—a protocol for a systematic review" published in May 2021, around 60.0% of venous leg ulcers result in chronic wounds. Furthermore, as per the study titled " Venous Leg Ulcers: Advanced Therapies and New Technologies" in November 2021, the prevalence of venous leg ulcers differs between 1.5% and 3.0% among the general population. Monoplace hyperbaric oxygen therapy (HBOT) is considered one of the most effective treatments for chronic wounds as it improves the oxygen supply to wounds and thus improves healing.

Therefore, these aforementioned factors are collectively boosting the growth of the segment over the forecast period.

North America is Expected to Dominate the Hyperbaric Oxygen Therapy (HBOT) Devices Market Over the Forecast Period

North America is expected to dominate the overall hyperbaric oxygen therapy (HBOT) devices market over the forecast period. The growth is due to factors such as increasing chronic wounds due to the growing number of chronic diseases and the rising geriatric population. For instance, as per the report published by the Trust for America's Health Organization in 2020, the United States adult obesity rate represents around 42.4%, and it is for the first time the national rate has passed the 40.0% mark. Obesity is one of the major causes of triggering chronic wounds as it leads to vascular insufficiency. Vascular insufficiency results in poor oxygenation, which leads to delays in normal wound healing and even tissue necrosis. Therefore, an increasing number of obesity cases in this region is anticipated to propel market growth over the forecast period.

Key product launches, high concentration of market players or manufacturer's presence, acquisitions and partnerships among major players, and increasing use of hyperbaric oxygen therapy devices in the United States are some of the factors driving the growth of hyperbaric oxygen therapy (HBOT) devices market in the country. For instance, in August 2021, in a July release entitled "Hyperbaric Oxygen Therapy: Get the Facts", the United States Food and Drug Administration (FDA) cleared the use of hyperbaric oxygen therapy (HBOT/HBO2) for the treatment of several conditions. Therefore, such instances are anticipated to increase the demand for HBOT devices, thereby propelling market growth in the United States.

Therefore, owing to the aforesaid factors, the studied market is anticipated to project tremendous growth over the forecast period.

Competitive Landscape

The hyperbaric oxygen therapy (HBOT) devices market is moderately competitive and consists of few major players. The companies are implementing certain strategic initiatives, such as mergers, new product launches, acquisitions, and partnerships, that help them strengthen their market positions. The competitive landscape includes an analysis of a few international as well as local companies that hold the market shares and are well known, including Fink Engineering, HAUX-LIFE-SUPPORT GmbH, Hearmec Co. Ltd, Environmental Tectonics Corporation, and Hyperbaric SAC, among others.

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